XCD to SZL

SZL - Swazi Lilangeni (SZL)

Swazi Lilangeni

The Swaziland Lilangeni is the official currency of Swaziland and is subdivided into 100 cents. The Lilageni is produced by the Central Bank of Swaziland. In 1974, coins of 1, 2, 5, 10, 20 and 50 cents and 1 Lilangeni were issued; the 1 and 2 cent coins were struck in bronze and the others in cupro-nickel.

The Swazi Lilangeni is the currency in Swaziland (SZ, SWZ). The symbol for SZL can be written L, and E. The Swazi Lilangeni is divided into 100 cents. The exchange rate for the Swazi Lilangeni was last updated on May 24, 2019 from Yahoo Finance. The SZL conversion factor has 5 significant digits.

Economy

• After growing by 3% from 2004 to 2008, the economy in the Swaziland slipped significantly in 2009, primarily due to the effect of the global economic downturn on export-oriented sectors, in particular textiles and wood pulp.
• Other important factors were ongoing drought and low levels of foreign direct investment (FDI). In 2010, the economy recovered slightly due to a rebound in global demand for sugar and textiles.
• However, falling receipts from the Southern African Customs Union (SACU) coupled with lower internal revenues limited the government’s ability to implement counter-cyclical measures.
• In order to control the economic conditions of the previous year, lower interest rates were maintained, similarly to South Africa.

History

• The Lilangeni was introduced in 1974 to compete with the South-African rand through the Common Monetary Area, to which it remains tied at a one-to-one exchange rate.
• According to tradition, the present Swazi nation moved south before the 16th century to an area now called Mozambique.
• After a series of wars with people living in the area of modern Maputo, the Swazis settled in northern Zululand in 1750.

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XCD - East Caribbean Dollar ($)

East Caribbean Dollar

The East Caribbean dollar is the currency used in eight of the nine nations in the Organisation of Eastern Caribbean States — Antigua and Barbuda, Dominica, Grenada, Saint Kitts and Nevis, Saint Lucia, Saint Vincent and the Grenadines, Anguilla (UK Territory), and Montserrat (UK Territory). The British Virgin Islands is the only member of the OECS that uses its own currency. The East Caribbean Dollar is designated by EC$ and has been pegged to the US Dollar at US$1 = EC$2.70 since 1976.

The East Caribbean Dollar is the currency in Antigua and Barbuda (AG, ATG), Dominica (DM, DMA), Grenada (GD, GRD), Saint Kitts and Nevis (KN, KNA), Saint Lucia (LC, LCA), and Saint Vincent and the Grenadines (VC, VCT). The symbol for XCD can be written EC$. The East Caribbean Dollar is divided into 100 cents. The exchange rate for the East Caribbean Dollar was last updated on May 24, 2019 from Yahoo Finance. The XCD conversion factor has 2 significant digits.

Economy

• The economies of the OECS member states vary significantly, but most of them rely upon tourism and agriculture to varying extents. Offshore banking also represents a large proportion of the GDP for several of the OECS nations.
• Many of the islands are home to multinational corporations, typically in financial services, who have large offices in a few of the OECS nations to take advantage of low or no taxation.
• As the member states are small island nations, they are heavily reliant upon imports. Exportation is relatively limited, though some of the nations do export agricultural products such as bananas, and cocoa.

History

• Prior to 1965, OECS members were part of the West Indies Federation, using BWI$ as their currency. However many members of the WIF either did not adopt the BWI$. Trinidad and Tobago withdrew from the union in 1964, leading to a lack of support for the BWI$.
• In 1965, the British West Indies Dollar was replaced at par by the East Caribbean Dollar.
• In 1966, British Guiana withdrew from the currency union, and in 1972, Barbados also withdrew from the currency union.
• Between 1965 and 1983, the Eastern Caribbean Currency Authority issued the EC$, with notes and coins from 1965 from 1981.
• The Eastern Caribbean Central Bank, based in Basseterre, Saint Kitts and Nevis was created by the Eastern Caribbean Central Bank Agreement signed in Port of Spain on July 5, 1983.

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